Offer Personalization Archives - Codebroker

Offer Personalization

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Personalized Offers Improve Acquisition, Engagement & Retention

Marketing automation and sophisticated analytics are making personalization a reality for retail marketers. Successful marketing personalization requires, what the Harvard Business Review calls, “integrating the three D’s: data discovery, automated decision making, and content distribution.” For personalization to work effectively, each of these need to be tightly synchronized.

The missing link, however, is in the content distribution phase – specifically in the area of “Offer Personalization.”

The reason? A security component is missing from two key areas associated with offers:

1. Offer Distribution and 2. Offer Redemption.

Marketers can conduct good analysis to match the right offer to the right segment. But without the security to ensure that the offer is used solely by the intended recipient – and only used once – then then entire personalization effort can break down.

  1. Customers can redeem an offer more than once.
  2. Individuals can access an offer that was not meant for them – or the offer may even go viral.
  3. Marketers can’t track and attribute accurately to measure the offer’s true effectiveness.

Distribution and Redemption Security

CodeBroker clients are employing single-use coupons to address the offer distribution and redemption security dilemma, to ensure that:

  • A consumer can only obtain an offer that is meant for her, and receives an offer only once, even if she tries to obtain it multiple times.
  • The consumer can redeem the coupon or offer only one time.
  • The POS system can validate/accept/redeem single-use offers at high speed, in real-time.

CMOs who once could not deploy single-use coupons are now leveraging them, and seeing a 30% to 50% increase in offer redemption across the marketing lifecycle (customer acquisition, engagement, and retention.)

By adding a security component to offer distribution and redemption, marketers can take personalization to a higher level by offering deep discounts and personalized promotions in a secure, risk-free manner, and measure results more accurately, for a complete personalization workflow.

For more on the topic, here’s a new CMO report that digs deeper into how retailers are using single-use coupons and promo codes to deliver personalized offers at scale in a secure manner.

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Defining Personalization

Last November I received this brilliantly personalized piece of direct mail. I quickly snapped a photo and shared it on social media. We all had a good laugh.
Forever together – me and me

Personalization is more than adding a name (or two).

The problem? Mischa is my nickname. Michelene is my full name. Not so personalized. Despite this mishap, adding a name doesn’t make an offer truly personalized or relevant.

Personalization is one of the top retail marketing buzzwords. Mary Meeker cites it in her 2016 Internet Trends report as being vital for capturing the Millennial shopping audience.Personalization is in the subject line of most marketing emails that arrive in my Inbox. All this discussion and I still haven’t seen a formal definition of what personalization should mean. It has to be more than just adding a name.

So here’s the CodeBroker definition: Providing relevant content and offers to prospects based on their behavior.

It’s pretty simple.

At CodeBroker we’re tackling personalization in our omnichannel mobile marketing platform. We’re making it intelligent and automated.

Our new personalization features allow you to create automated campaigns based on behavioral data. The data triggers for automation include mobile coupon redemption, mobile coupon interaction, previous purchases, and any other data your systems can feed to us. You’ll be able to send customized offers, relevant text message marketing alerts, and even create a feedback loop with surveys or Net Promoter Scores. And you’ll be able to reach customers across multiple channels – SMS, email, mobile app, payment wallets, and social outlets.

So rethink personalization.

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